China’s proposal to increase its solar energy target to as much as 270 gigawatts by 2020 won’t be enough to erase the worldwide panel glut that’s crippling prices, according to analysts at Credit Suisse Group AG.

“We forecast that the country needs a 300-350GW by 2020 target to fully absorb new manufacturing capacity planned in the near term,” analysts Michael Weinstein and Maheep Mandloi said in a research note Monday night. “Given the size of the glut, we see limited impact on international module prices.”

China’s proposal to increase its solar energy target to as much as 270 gigawatts by 2020 won’t be enough to erase the worldwide panel glut that’s crippling prices, according to analysts at Credit Suisse Group AG.

“We forecast that the country needs a 300-350GW by 2020 target to fully absorb new manufacturing capacity planned in the near term,” analysts Michael Weinstein and Maheep Mandloi said in a research note Monday night. “Given the size of the glut, we see limited impact on international module prices.”

JinkoSolar Holding Co., the world’s biggest panel maker, fell as much as 11 percent Tuesday. On Monday, it rose the most in more than four years on optimism over Beijing’s push.

Module prices have slumped about 29 percent in the past year to an average of 22.4 cents per watt. JinkoSolar in August reported a cost per watt of 32 cents during the second quarter.